Monday, April 4, 2016

Chase Clamps Down on ATM Withdrawals of Over $1,000 a Day

J.P. Morgan Chase & Co. capped ATM withdrawals at $1,000 per card daily for noncustomers—cracking down as people started pulling out tens of thousands of dollars at a time when the bank was modifying its machines to dispense hundred-dollar bills with no limit, reports WSJ.

J.P. Morgan has been upgrading its ATMs nationwide, most of which are at the company’s Chase branches. The new ATMs allow consumers to withdraw more money quickly because they include $50 and $100 bills where old machines stuck mainly to $20 bills.

The bank found some customers of banks in countries such as Russia and Ukraine had used Chase ATMs to withdraw $20,000 in one transaction, people familiar with the situation said according to WSJ.